Tallinna Sadam had the best results of its history in 2010

http://www.baltic-course.com/eng/good_for_business/?doc=38219

Juhan Tere, BC, Tallinn, 09.03.2011.

The council of the Estonian state-owned port operator firm Tallinna Sadam approved of the group’s 2010 economic report on Tuesday, according to which last year saw record revenue and net profit, LETA/Postimees Online reports.

The consolidated audited revenue of Tallinna Sadam last year was 87 million euros, a growth of 7% in a year. Consolidated net profit was 42 million euros, a growth of 62%.

Cargo volumes the company’s ports handled grew 16% to 36.6 million tonnes, yielding it a third place in the Baltic Sea Eastern coast region after Primorsk and St Petersburg.

The ports serviced a record amount of passengers, 7.92 million. The number of cruise passengers fell 6% but the number of passengers in the most popular Tallinn-Helsinki route grew 10%.

AS Tallinna Sadam council also approved on Tuesday of several new development projects for the Muuga Port it owns, according to which operators of the port will invest a total of 200 mil EUR in container, liquefied gas and liquid cargo terminals, LETA/Postimees Online reports.

Tallinna Sadam council chairman Neinar Seli said that the new projects help to increase the competitiveness of the port and bolster the state’s energy security. “We see these developments having a positive effect on the whole Estonian economy in increasing employment and tax revenue,” said Seli.

One of the plans approved today is an LPG terminal which is planned to operate transit of Russian and Kazakh liquefied gas and supply the Baltic States market with LPG. The capacity of the terminal in the 1st stage could be 300,000 tonnes of LPG a year and in the 2nd stage up to 800,000 tonnes a year. Seli said that the new terminal will enable to use liquefied gas with the same parameters as natual gas.

Tallinna Sadam council also agreed to the proposal of the board of the company to build an additional liquid cargo storage area accommodating 400,000 m3 in the Muuga port for AS Vopak EOS; it would enable to handle an extra up to 5,000,000 tonnes of oil products a year. Vopak EOS would become the leader of the Baltic Sea ports as its storage space would then be 1.35 million cubic metres, ahead if the current leader Ventspils oil port that has storage of 1.19 million cubic metres.

Tallinna Sadam counvil also declared the offer of Russian company Rail Garant as the best among bids that were submitted for operating the new Muuga port container terminal area. Rail Garant was successful mainly because of its novel business plan to use the terminal for Russian export.